Social media usage and individuals' intentions toward adopting Bitcoin: The role of the theory of planned behavior and perceived risk

Abstract

Summary Despite the increasing popularity and recognition of cryptocurrencies, little is known about the contextual and psychological variables that predict the behavioral intentions of individuals toward adopting a cryptocurrency such as Bitcoin. Utilizing the extended theory of planned behavior (TPB), authors have developed and tested a theoretical model to investigate the relationship between the usage of social media and the intentions of individuals toward adopting Bitcoin. We empirically tested our conceptualized research model using the primary data collected from 443 respondents through a survey conducted in China. Results have shown that the usage of social media is positively associated with users' intentions toward adopting Bitcoin through their attitudes, subjective norms, and perceived behavioral control. Individuals' intentions are subsequently associated with their actual behavior toward the adoption of Bitcoin, while we found perceived risk associated with Bitcoin as a moderator on the relationship between the intentions of individuals and their actual behavior. This study extended the TPB in understanding various psychological and contextual factors that predict the adoption of Bitcoin. Moreover, important theoretical and practical implications, as well as the limitations of the study, are discussed.